1. Faith in the Oneness of Allah
There is nothing worthy of worship except Allah, the Creator and Sustainer of the universe. He gave mankind a code of life that guarantees their well-being in this world and in the hereafter.

2. Cooperation
Human beings cannot live independently of each other. They have to live together and cooperate for maximizing welfare and warding off evils.

3. Not materialistic
A member of Islamic society is not an ‘economic man’ but one with the goal of earning the pleasure of Allah through the right action and service to his fellow human beings. Good intentions and right action thrive when they receive a positive response from others. Ultimately, competition in good deeds results in benefits to all concerned.

4. Generosity
Generosity and benevolence must prevail in society. People should prefer others’ needs to their own needs. On the other hand, lust for money, and miserliness are condemned in all cases. Luxurious living should be avoided.

5. State’s role
In society, there must not be monopoly, exploitation, fraud, or usurious transactions. Good should be enjoined and evil should be forbidden. The state has an active role to play in economic life. It should intervene if freedom is abused or people are not fulfilling their obligations.

– Economic Concepts of Ibn Taimiyah (pp. 137-8)

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